What is considered to be "high fidelity" can vary from person to person. What I consider high fidelity may be different than what you consider high fidelity. Who is wrong?
There are only subjective opinions on what is good enough, but no universally accepted specification for "high fidelity", at least that I have seen. The one definition that I have seen, I'm paraphrasing, is "faithful to the original recording". No audio system has a perfect frequency response, a perfect impulse response, and is 100% free of distortion and noise, not to mention the effect of room modes and reflections. Thus, there is no audio system that is 100% faithful to the original recording. From that perspective, there are no high fidelity audio systems in existence today.
Nonetheless, that is not the perspective that I take. My perspective is that what you consider to be an excellent sounding audio system is "high fidelity", at least to you. Others may disagree, but without a universally accepted specification as to what qualifies as high fidelity, that is just their subjective opinion, and it doesn't mean much.